Prime residential properties see prices rise

Published 13 January 2012

Research commissioned by Investec Specialist Private Bank reveals that of the 21,877 residential properties on the market for properties worth between £1 million and £15 million during the third quarter of 2011, those asking for between £5 million and £10 million saw the biggest increase in prices.  The average asking price here was £6.78 million, 3.0% higher than Q3 last year (£6.55 million).

The price bracket to see the second biggest increase in asking prices was properties valued between £1 million and £2 million, where there was a 1.4% increase.  Of the £6 million plus categories researched, only one saw a fall in asking prices – those priced between £10 million and £15 million saw a fall of 1.4%1. 

Jack Jones of Investec Specialist Private Bank said, “One of the main reasons why the million pound market has seen an increase in prices is that many of these properties are bought by very wealthy overseas buyers.  Some 78% of those valued between £5 million and £10 million are in London, and the capital is still a very popular place for the world’s wealthiest people to buy property and live.”